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Image courtesy of PTTEP.

PTT Exploration and Production Plc (PTTEP), Thailand’s top oil and gas explorer and producer, reported a 55 percent rise in second quarter net profit.

Higher petroleum sales and stronger global oil prices boosted second quarter profits, PTTEP said Thursday.

PTTEP is the flagship upstream exploration business of Thai state-owned PTT Public Company Limited.

The company posted an April-June net profit of US$560 million (THB$ 18.2 billion), beating forecasts.

PTTEP and its subsidiaries recorded an unreviewed consolidated net profit of US$ 560 million (THB$ 18,187 billion) in the second quarter of 2014, a 55 percent increase compared to the second quarter of 2013.

The company reported a total revenue of US$ 2.107 billion (THB$68,352 billion), a 14 percent increase compared to the second quarter of 2013.

PTTEP said its average sales volume in the second quarter rose to 315,810 barrels of oil equivalent per day.

“This year, we expect to increase the average sales volume to 320,000 BOED or no less than 10% growth from last year. Around 75% of which will come from the operations in Thailand and 25% from the overseas assets. From now on, the contribution from overseas operations will increase progressively,” PTTEP president and CEO Tevin Vongvanich said.

PTTEP is the only publicly listed exploration company in Thailand.